What is a short rate? How is it calculated?
What will be an ideal response?
An advertiser who contracts to buy a specific amount of advertising space during a one-year period and then fails to buy this amount is charged a short rate, which is the difference between the contracted rate and the earned rate for the actual inches run.
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Flexible spending accounts are funded with after-tax income
Indicate whether the statement is true or false.
Annie's Catering received $800 cash from a customer for catering services to be provided next month. Given the choices below, determine the general journal entry that Annie's Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.
A.
| Accounts Receivable | 800 | |
| Catering Revenue | 800 |
B.
| Cash | 800 | |
| Catering Revenue | 800 |
C.
| Cash | 800 | |
| Unearned Catering Revenue | 800 |
D.
| Cash | 800 | |
| Accounts Receivable | 800 |
E.
| Unearned Catering Revenue | 800 | |
| Catering Revenue | 800 |
Procter & Gamble buys unprocessed logs, which are handled as little as needed to move them to its plant. Eventually, they become part of P&G's disposable diapers and are considered an expense item on P&G's income statement. For P&G, logs are
A. component parts. B. component materials. C. supplies. D. farm products. E. raw materials.
State the purpose of the Immigration Reform and Control Act (IRCA) of 1986